From CNBC: 2024-09-05 16:55:27

Bankruptcy court approves Red Lobster’s plan to exit Chapter 11, nearing exit from bankruptcy. Company filed for protection in May due to increased competition and consumer spending pullback. Investors to acquire Red Lobster, new CEO appointed. RL Investor Holdings to lead Red Lobster, investing $60 million. Red Lobster to operate independently with 544 locations in the U.S. and Canada. Other restaurant chains also facing bankruptcy due to high interest rates and consumer spending decline.



Read more at CNBC: Court approves plan to exit Chapter 11